Colorado passed a bill repealing the “disclosure of fees and costs” required under the Mortgage Loan Originator Licensing and Mortgage Company Registration Act (MLOLMCRA) and the certain provisions with respect to loan commitments. Under the bill, a mortgage loan originator licensed under the MLOLMCRA is no longer required to provide a “disclosure of fees and costs” to a borrower. Rather, a mortgage loan originator’s disclosures must comply with the applicable requirements of federal law, including the federal Truth-in-Lending Act, the federal Real Estate Settlement Procedures Act and the federal Equal Credit Opportunity Act. The bill also repealed certain provisions with respect to loan commitments. The bill went into effect March 11, 2016.
See Colorado General Assembly website for the full text of the Statutes:
